イノベーションと投資の架け橋：パリ協定が米国上場のグリーン・ブラウンエネルギー株に与えた影響
Bridging innovation and investment: the Paris Agreement’s effect on green and brown US-listed energy stocks (原題)
Jose Barrales-Ruiz, Pablo Neudörfer
🤖 gxceed AI 要約
日本語
本研究は、2005年から2020年までの米国上場エネルギー企業を対象に、グリーン特許の経済的価値が化石燃料（ブラウン）と再生可能エネルギー（グリーン）企業の相対的な株式評価に与える影響を分析。ローカルプロジェクション法を用い、パリ協定後にのみ、高価値グリーン特許の増加がブラウンからグリーンへの相対的評価シフトを引き起こすことを示した。政策の信頼性と技術的ブレークスルーの重要性を強調。
English
This study analyzes how the economic value of green patents affects relative equity valuations of fossil-fuel (brown) and renewable (green) energy companies in the US from 2005 to 2020. Using local projections, it finds that increases in high-value green patents spurred a shift from brown to green valuations only after the Paris Agreement, highlighting the role of policy credibility and technical breakthroughs in energy transitions.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本のGX政策（GX推進法、グリーン成長戦略）やSSBJ開示の文脈で、政策の信頼性が市場評価に与える影響を示す点で示唆的。日本企業の特許戦略とESG投資の連関を考える上で参考になる。
In the global GX context
This paper contributes to global climate finance literature by showing that policy credibility (Paris Agreement) is crucial for green innovation to translate into market revaluation. It offers insights for ISSB-aligned disclosure and transition finance, suggesting that credible policy frameworks amplify the financial impact of green patents.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the interaction between climate policy, green innovation, and equity market repricing, useful for further research on transition finance.
🏢実務担当者:Highlights the importance of high-quality green patents and policy alignment for enhancing corporate valuation, relevant for sustainability strategy and investor relations.
🏛政策担当者:Demonstrates that credible international agreements can catalyze market shifts toward green energy, supporting the case for strong climate policy.
📄 Abstract（原文）
This study explores the impact of green innovation on differential financial market repricing between fossil-fuel (brown) and renewable (green) energy production companies. Focusing on a period marked by low green patent activity, this paper implements local projection methods to examine the impact of green patents on exchange-traded funds (ETFs) for energy companies from 2005 to 2020. Using an economically meaningful innovation index to measure the quality of patents, the analysis shows that increases in the economic value of green patents spurred an aggregate shift in relative equity valuations from brown to green energy companies only after the Paris Agreement. This finding emphasizes the relevance of policy credibility and high-value technical breakthroughs in energy transitions and has important implications for climate policies and green energy market financial revaluation.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/14693062.2026.2713884first seen 2026-08-27 04:55:04
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